Sky Abu Dhabi Real Estate Developments unveils its first project in the New Administrative Capital (NAC) with an investment of EGP 4 bn, Invest-Gate reports.

Sky Abu Dhabi Real Estate Development, a subsidiary of the UAE-based Emirati Diamond Group, gets the green light from the ministry for planning and dividing the land plot for the Residence Eight project.

The company begins construction and offers the project units for reservation, with a sales target of 1.5 bn EGP by 2021. The Residence Eight project consists of residential complexes as well as commercial complexes and covers an area of ​​23 acres.

Strategically located in the premium area R8, the new project is designed to balance in the landscape and expand over 82% of the total area of ​​the project as well as about 1,000 residential units that vary between apartments and luxury duplex units in different areas ranging between 80 and 360 sqm.

Residence Eight introduces a real model for an integrated community by offering solutions, at the service of the customer’s needs, privacy and experience of comfort and security.

Among other things a wide outdoor area for activities and events, a clubhouse within walking distance of the residential area is available, in addition to facilities such as a gym, health center, smart facility administration, etc.

Mostafa Salah, CCO for Sky AD states, “Sky AD. has studied Egypt’s real estate market to identify customer needs and we look forward to offering another distinctive feature that matches customer requirements and capabilities. We seek to gain customer trust by adhering to the planned timeline for project implementation in addition to providing units with competitive pricing and unique payment facilities.”

Residence Eight is marked as the companies first real state move in Egypt and first link in bringing regional real estate expertise and an investment portfolio of EGP 15 bn within the next two years in Egypt.